WASHINGTON (AP) — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, whi
FILE - Fed eral Reserve Board Chair Jerome Powell speaks during a news conference at the Fed eral Reserve in Washington, June 12, 2024. Powell will be in Portugal on Tuesday, July 2, 2024, to take part in a panel discussion on central banking policy with members of the European Central Bank.
"We just want to understand that the levels that we're seeing are a true reading of underlying inflation," he added.Salt Lake City residents push for smaller lot sizes to address housing shortage On Friday, the government reported that consumer prices, according to the Fed's preferred measure, were unchanged from April to May, the mildest such reading in more than four years. And compared with a year earlier, inflation dropped to just 2.6% in May, from 2.7% in April, the government said.
"It doesn't look like it's heating up or presenting a big problem for inflation going forward," Powell said of the job market. "It looks like it's doing just what you would want it to do, which is to cool off over time."
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